Barclays International Transfers: Fees, exchange rates and transfer times in 2024

Barclays, a well-established bank, offers a variety of methods for sending money abroad, ranging from its user-friendly app to traditional in-person branch visits. 

However, while Barclays provides convenience and reliability, it’s essential to weigh up the associated fees, exchange rates and transfer times.

This guide gives you all the details about sending money online to friends, family, or businesses abroad with Barclays.

But before we start, it’s important to mention that while Barclays lets you send money internationally, there are other digital options available that can be faster and cheaper ways to make international transfers.

For example, this is how TransferGo compares to Barclays:

How Barclays charges for international transfers 

When sending money abroad with Barclays, you’ll get charged both transfer fees and exchange rates:

Barclays international transfer exchange rates

Exchange rates are the most significant factor affecting the cost of international money transfers. 

This is because traditional banks such as Barclays often include a markup in the exchange rates they offer to customers, which serves as an additional, albeit hidden fee that may not be readily apparent during the transfer setup process.

The exchange rates offered by Barclays depend on both the amount and the currency being transferred.

Generally, larger transfer amounts correspond to better exchange rates. Here’s an estimate of Barclays exchange rates according to an analysis by KeyCurrency:

• A £10,000 transfer incurs approximately £282 in exchange rate costs.
• A £50,000 transfer incurs approximately £890 in exchange rate costs.
• A £200,000 transfer incurs approximately £2,380 in exchange rate costs.

As you can see, for substantial international transfers, the total costs could amount to thousands of pounds. 

How does this compare to TransferGo?

TransferGo charges a small FX markup on the mid-market rate, ranging between 0.5% and 1.5% based on the destination of your transfer. These exchange rates are among the most favourable on the market, which is why TransferGo consistently secures a 9/10 Exchange Rate Score on Monito.

Ultimately, TransferGo allows the recipient to receive more money compared to Barclays’ exchange rates. TransferGo also includes all the fees in the amount your receiver gets: for the transfer to go through, you just pay in the exact same amount you entered in your transfer order. 

In other words, there are no hidden fees when making international transfers with TransferGo.

Barclays international transfer fees

Barclays applies a £25 fee for international transfers made via branch or telephone banking, while online transfers incur no transfer fee. For inbound transfers from overseas into a UK account, Barclays also imposes a £6 fee in most cases. 

While individual transfer fees may seem relatively small, they can accumulate over time, particularly for individuals who need to make frequent international payments.

Compared to Barclays’ fee structure, TransferGo ensures transparent and inclusive fees based on delivery options, eliminating the need for senders or receivers to cover any additional funds: 

• Same day delivery: £1.99 – £2.99
• Next day delivery: £2.99
• 30 minute delivery: £2.99 

Barclays international transfer additional fees

In addition to standard transfer fees, Barclays applies various additional charges for international transfers based on specific circumstances. 

These fees aim to cover the costs associated with processing payments with incomplete or incorrect details and to manage transactions in certain currencies or to specific regions:

• Incomplete or incorrect payment details: Barclays imposes a £20 charge or currency equivalent for payments with invalid or incomplete payment details. If necessary, Barclays may amend or repair such payments on behalf of the customer prior to processing.
• SWIFT BIC or IBAN absence: For payments lacking a valid SWIFT BIC or IBAN, a £7 charge is applicable. This fee is levied to cover the additional processing required for payments without essential identifying information.
• Barclays overseas delivery charge: In the case of USD payments directed outside the US, Barclays imposes a £3 overseas delivery charge. This fee applies to transactions sent with charging options SHA or BEN, where the amount is deducted from the principal amount being sent. For transactions using the OUR charging option, the fee is debited from the chosen charging account in addition to any transaction fees incurred.
• Payment recall: Should a customer request Barclays to attempt to recall or amend a payment on their behalf, a charge of £20 or currency equivalent is applicable. This fee covers the administrative costs associated with the recall or amendment process.

For a full list of additional charges, we recommend consulting Barclays international banking tariff guide. 

In contrast, TransferGo offers a guarantee of no extra charges, ensuring that the recipient receives the exact amount specified in your transfer order without any deductions.

To summarise, although Barclays offers a convenient platform for international transfers, it’s crucial to take into account the potential effects of exchange rates and transfer fees.

How long does it take to make an international transfer with Barclays?

When it comes to the time it takes to complete an international transfer, Barclays offers processing times that may not always align with urgent needs. Within the European Union, customers can expect their transfers to take one to two working days, while transfers outside of Europe may take three to four working days. 

These timelines may not suit individuals seeking faster and more efficient transfer options.

In contrast, TransferGo provides a range of delivery options designed to cater to various time constraints, ensuring swift and convenient international transfers. Depending on the chosen delivery option, TransferGo can deliver funds to your recipient within:

• One working day
• End of the same day (from when you created the transfer)
• The next working day before noon
• In 30 minutes

These expedited transfer times offered by TransferGo provide customers with flexibility and assurance that their money will reach its destination promptly.

How to make an international transfer with Barclays step-by-step

Barclays offers multiple channels for sending money abroad, including the Barclays app, online banking, telephone banking, or visiting a branch. Here’s a step-by-step guide to making an international transfer through Barclays:

Online banking:

1. Log in to your online banking account. If you’re unsure how to access online banking, refer to the guidance provided.
2. Once logged in, navigate to the ‘Move money’ tab.
3. From the menu, select ‘International payment’.
4. Follow the on-screen instructions to proceed with the transfer. You will need to use PIN entry to authorise the payment.

Telephone banking:

• Dial 0345 734 5345 (If outside the UK, dial +44 24 7684 2100) and have your passcode ready.
• Listen for the appropriate option related to international payments and follow the instructions provided.

In-branch assistance:

If you’re unable to make an international payment using online banking or the Barclays app, or if you prefer face-to-face assistance, you can visit a Barclays branch. Ensure you bring along:

• Your debit card or have the Barclays app installed on your phone or tablet for verification purposes.
• Acceptable photo ID.
• Bank details of the recipient or company you wish to pay.

What information is required for an international money transfer with Barclays?

When making an international transfer through Barclays, it’s essential to gather the required information to ensure a smooth and successful transaction. Here’s the information you’ll be required to know:

• IBAN reference: For international payments, you’ll typically need to provide the international bank account number (IBAN) reference of the recipient. This unique identifier ensures the funds reach the correct destination.
• Additional details: Depending on the payment destination, you may be asked to provide additional information, such as the reason for the payment or the beneficiary’s full name and address. The specific requirements will vary, and you’ll receive confirmation of the exact information needed when initiating the payment.

How do Barclays international transfers compare to other banks?

Exchange rates

Transfer fees

Transfer limit

Transfer times – UK to Europe

Transfer times – UK/EU to rest of world

Barclays customer satisfaction

To gauge customer satisfaction, it’s crucial to review feedback provided on independent platforms. Barclays, a prominent banking institution, currently holds a TrustPilot rating of 1.4 out of 5, with a substantial number of 10,126 reviews. 

This rating falls within the ‘Bad’ category, indicating areas where Barclays may need improvement in terms of service quality and overall customer experience.

In comparison to other financial service providers, such as TransferGo, the contrast in TrustPilot ratings is evident. While TransferGo enjoys an impressive TrustPilot rating of 4.7 out of 5, based on a significant number of 34,047 reviews, Barclays’ lower rating suggests a disparity in customer satisfaction levels.

Although TrustPilot ratings offer valuable insights into the general sentiment towards Barclays’ services, it’s essential for prospective customers to conduct thorough research and consider their individual requirements when selecting a financial service provider. 

Barclays contacts

Whether you require assistance with everyday banking needs or need to report fraud, Barclays offers various contact options:

Business everyday banking: If you have inquiries related to business everyday banking, you can reach Barclays by dialling 0345 605 2345*. Customer service representatives are available to assist you from 8am to 8pm, Monday to Friday. Additionally, Barclays provides 24/7 support for digital self-servicing needs.

Fraud contact details: Should you need to report fraud or suspicious activity, Barclays provides dedicated fraud contact details.

Call us in the Barclays app: For added convenience, Barclays offers the option to call directly from the Barclays app. By accessing ‘Call Us’ within the app, you can initiate a call without the need for lengthy security verifications. Log in to your Barclays app, navigate to ‘Help’, ‘Contact Us’, then tap ‘Call Us’. Your phone will automatically dial the Barclays support number, allowing you to connect with a representative seamlessly.

Summary

When sending an international payment and seeking the most economical methods, it’s crucial to be mindful of the various fees that may be incurred. 

As demonstrated, certain fees may not be immediately apparent. 

Conducting thorough research, as you have done by consulting this informative guide, and carefully comparing your alternatives can potentially yield significant savings and avoid inconvenience in the long run.

Sources

Barclays international transfers info:

• Barclays international banking tariff guide
• Barclays international payments
• Barclays overseas delivery charges

Exchange cost estimates:

• TopMoneyCompare | Barclays
• TopMoneyCompare | HSBC 
• TopMoneyCompare | Nationwide
• TopMoneyCompare | NatWest
• TopMoneyCompare | Santander

Customer satisfaction:

• TrustPilot | Barclays UK
• TrustPilot | TransferGo